Analysis: Polygon (MATIC) Price and Long-term Forecast
You have probably noticed that the price of Polygon (MATIC) has been moving sideways since its decline on June 10. Nonetheless, this downtrend appearsย to have found support over $0.50, with the market asย ofย now at a low of $0.56. The bulls have stepped in and pushed the price up to a high of $0.89.
Essentially, the price of MATIC has been fluctuating between $0.50 and $0.90. If it falls below theย present levelย ofย support of $0.50, the downtrend will likely continue. The resistance at $0.65 and the 21-day SMA are asย ofย now preventing wholeย lotย of upward movement.
Polygon Indicator Analysis
Looking at the technical indicators, Polygon hasย dropped to a Relative Strength Index (RSI) of 41, suggesting a downtrend as it tests the existing support. The price bars have likewise dropped below the moving average lines, indicating a possible decline. Furthermore, the positiveย trend momentum has peaked over the daily stochastic threshold of 75, potentially leading to an overbought market situation.
Technical Indicators
Resistance levels: $1.20, $1.30, $1.40
Support levels: $0.60, $0.40, $0.30
Whatโs Next for Polygon?
Theย present trend for Polygon impliesย that it will continue to trade sideways within the $0.50 price range. To break this trend, the altcoin needs to reverse itsย value and hold over theย present levelย ofย support. Nonetheless, if it fails to do so and the 21-day SMA rejects the price again, we can expect a further decline.
As we reported on August 31, the upward momentum was rejected on August 29 at $0.65, and the altcoin hasย dropped below the levelย ofย support of $0.60.
Hot Take
Polygonโs price movement has been relatively stagnant recently, but it isย crucialย to monitor the support and resistance levels to anticipate any probable breakout or further decline. Keep an eye on the market and stay notified about the latest developments to make notified decisions.
Cabel Dioli emerges as a luminary seamlessly blending the roles of crypto analyst, dedicated researcher, and editorial artisan. Within the dynamic expanse of digital currencies, Cabel’s insights resound like finely tuned notes, reaching minds with diverse inquisitiveness. His mastery in unraveling intricate threads of crypto intricacies harmonizes effortlessly with his editorial finesse, transforming complexity into a captivating symphony of comprehension.
